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Solana’s technical indicators are hinting at a lack of buyer participation. The Chaikin Money Flow (CMF) on the four-hour chart has been oscillating in the negative region since early this week. 

This trend indicated persistent selling pressure and a lack of adequate buyer interest to absorb the tokens that have been dumped into the market. 

The weak buying momentum around SOL is also seen in the Relative Strength Index (RSI). The index was at 33 at press time, meaning that a bearish momentum was at play. 

The RSI has been forming lower lows over the past week, showing bears have the upper hand. However, the RSI line was now attempting to make a bullish crossover above the signal line. 

The potential crossover has also coincided with two consecutive green candles after the price bounced after testing multi-month support at $138. Solana has held this support level since mid-August.